On January 1, 2023, prominent Bitcoin developer LukeDashjr took to Twitter to announce that his Bitcoin stash had been compromised and stolen. In a series of tweets, LukeDashjr stated that his PGP key had been compromised and that many of his Bitcoins were stolen, with the remainder coinjoined to the address 1YAR6opJCfDjBNdn5bV8b5Mcu84tv92fa though it doesn’t appear any were coinjoined yet.
This news is likely to raise concerns among Bitcoin users about the security of their own holdings. While Bitcoin is generally considered to be a secure and decentralized system, it is not immune to attacks and vulnerabilities. As such, it’s important for users to take steps to protect their Bitcoins and ensure that they are secure.
So what can Bitcoin users do to safeguard their coins? Here are some key recommendations:
- Use a hardware wallet to store your Bitcoins offline and away from potential attackers. Hardware wallets are physical devices that store your Bitcoins offline, making them much less vulnerable to hacking and other forms of cybercrime.
- Never upload your keys into a computer that will ever be connected to the internet
- Don’t use Bitcoin exchanges. Opt for private means of acquiring Bitcoin that don’t require KYC.
- Regularly update your software and operating system to ensure that you have the latest security patches and features. This will help protect you against newly discovered vulnerabilities and exploits.
- Be wary of phishing attacks and do not click on links or download attachments from unknown sources. Phishing attacks are a common way for attackers to trick users into revealing their login credentials or installing malware on their systems.
- Use strong, unique passwords for all of your accounts and enable two-factor authentication whenever possible. This will help prevent unauthorized access to your accounts, even if your password is somehow compromised.
It’s also a good idea to keep a backup of your Bitcoin keys in a safe place, in case of any unexpected events. This could be a physical copy of your keys, stored in a secure location preferably stored on metal backup plates.
By following these recommendations and staying vigilant, you can help protect your Bitcoin holdings and minimize the risk of them being compromised. While no system is completely foolproof, taking these steps can help you protect your coins and give you peace of mind.